PolyNovo wins US FDA approval

Company News

Polynovo Limited (ASX:PNV) says it has received regulatory approval from the US Food & Drug Administration for its Biodegradable Temporising Matrix. 
Approval has been secured for the management of a number of wounds including surgical and trauma wounds. 
The US surgical wound market is estimated at around over $1 billion per annum and PolyNovo intends to pursue distribution rights with other companies while it retains the manufacturing rights itself. 
PolyNovo reported a net loss of $1.41 million for the 2015 financial year.